Lebanon from Wednesday will shift its long-standing official exchange rate to 15,000 pounds against the dollar, a central bank source said -- an almost 90 percent devaluation amid a years-long economic crisis. The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to slide in late 2019 and hit record lows of more than 60,000 this month. "Starting tomorrow, one dollar will be worth 15,000," a central bank source told AFP Tuesday. "There will no longer be such a thing as the 1,507 rate," the source added, requesting anonymity as they were not authorised to speak to the media. The first change to the official rate
Hence then, the article about lebanon set to adopt new official exchange rate was published today ( ) and is available onThe New Arab ( Kuwait ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Lebanon set to adopt new official exchange rate )